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Buying Power report: Blacks spend as economy grows
New 16th edition shows $507 bil in spending



The finding comes from the 16th annual edition of "The Buying Power of Black America" report. In 2009, black households spent an estimated $507 billion in 27 product and services categories. ...

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Toyota financial unit elevates minority-owned brokerage firms for diversity bond initiative

(March 26, 2013) Toyota Financial Services has launched its first Diversity & Inclusion Bond.  This new type of bond syndication will become a component of the company's comprehensive funding program, and is in line with the company's corporate initiatives on diversity, both inside and outside of the workplace.

The execution of this bond syndication is a collaboration between Toyota Financial Services, Lebenthal Capital Markets, and Citi Capital Markets. Lebenthal has trademarked a Diversity Bond, the structure of which provided a framework for the TFS Diversity & Inclusion Bond. Citi, also among the leads underwriters, shares a long-standing relationship with TFS, and its commitment to diversity initiatives.

For this syndicated transaction, minority-owned firms were elevated to lead underwriting roles, including Loop Capital Markets, The Williams Capital Group, LP, Mischler Financial Group, Inc. and Ramirez & Co, Inc.,

A minority-owned law firm, Gonzalez Saggio & Harlan, LLP, is acting as co-issuer's counsel, together with Davis Polk & Wardwell, LLP.  O'Melveny & Myers, LLP is acting as underwriters' counsel.

The Diversity & Inclusion Bond provides numerous benefits. It allows TFS to capture a more diverse investor base, increasing the depth and resiliency of its U.S. registered bond program.  The new type of bond syndication also enables diversity firms to strengthen their relationships with clients, and gives their investors more access to TFS bonds and the opportunity to participate in higher profile deals.

The response from investors, banks, and other issuers has been positive.  TFS intends for this to be the first of similar transactions, sending a strong message to other firms about the emphasis TFS places on diversity and inclusion.

Toyota Financial Servicesí commitment to diversity, including philanthropic endeavors, associate training programs, and other diversity initiatives, has led to TFS being recognized repeatedly by DiversityInc, Black Enterprise, Hispanic Business, and the Human Rights Campaign as leaders in diversity and inclusion.

TFS is the finance and insurance brand for Toyota in the United States, offering retail auto financing and leasing through Toyota Motor Credit Corporation (TMCC) and Toyota Lease Trust and extended service contracts through Toyota Motor Insurance Services (TMIS).  Lexus Financial Services is the brand for financial products for Lexus dealers and customers. TFS currently employs over 3,300 associates nationwide, and has managed assets totaling $93.1 billion.

To help unify the diversity efforts of all Toyota U.S. affiliates and to formalize objectives, Toyota created the Toyota 21st Century Diversity Strategy in 2001. The multi-billion dollar strategic investment encompasses human resources, procurement, minority advertising, dealership development, community support and strategic oversight.

As a result, Toyota has made strong progress, including more than doubling its annual spending with diverse suppliers, increasing the number of ethnic minority and women owned dealerships and increasing our philanthropic giving to organizations that serve diverse populations. In addition, people of color now represent nearly 30 percent of Toyota's U.S. employment.

For more information on TFS' Capital Markets programs, please visit www.toyotafinancial.com.  For more information about Toyota's commitment to diversity and inclusion, please visit www.toyota.com/about/diversity/index.html.

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